artial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 37,000 $ 18,500 Accounts receivable 57,000 87,000 Inventory 23,500 37,000 Liabilities Accounts payable $ 58,500 $ 69,000 Additional information for 2018: Net income was $267,000. Depreciation expense was $27,000. Sales totaled $770,000. Cost of goods sold totaled $302,000. Required: Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2018.
artial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 37,000 $ 18,500 Accounts receivable 57,000 87,000 Inventory 23,500 37,000 Liabilities Accounts payable $ 58,500 $ 69,000 Additional information for 2018: Net income was $267,000. Depreciation expense was $27,000. Sales totaled $770,000. Cost of goods sold totaled $302,000. Required: Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2018.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Partial
| Monaco Company | ||||||
| Partial Balance Sheets | ||||||
| as of December 31 | ||||||
| 2018 | 2017 | |||||
| Assets | ||||||
| Cash | $ | 37,000 | $ | 18,500 | ||
| 57,000 | 87,000 | |||||
| Inventory | 23,500 | 37,000 | ||||
| Liabilities | ||||||
| Accounts payable | $ | 58,500 | $ | 69,000 | ||
Additional information for 2018:
Net income was $267,000.
Depreciation expense was $27,000.
Sales totaled $770,000.
Cost of goods sold totaled $302,000.
Required:
Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2018.
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